In last year’s letter, I mentioned that fuel was the biggest threat to our 2011
profitability. While we were pleased to produce an annual profit, fuel was the primary
driver of a disappointing decline in our profits, compared to 2010. Fortunately, we had
an outstanding record revenue performance to help blunt the impact of a more than
30 percent increase in our economic jet fuel price per gallon in 2011. For the year, ourtotal operating revenues grew 29 percent to $15.7 billion, including AirTran revenues
beginning May 2, 2011. We reported a record annual load factor of 80.9 percent and
strong passenger revenue yields.